Posts Tagged ‘Financial Services Roundtable (FSR)’

Posts Tagged ‘Financial Services Roundtable (FSR)’

The Financial Services Roundtable (FSR) today testified on the importance of alternative data as a tool for innovation at a Consumer Financial Protection Bureau (CFPB) field hearing in Charleston, WV. Francis Creighton, FSR’s Executive Vice President of Government Affairs, delivered the following opening statement:

FSR asks for clarifications concerning certain FR Y-14 schedules, including the timing of certain guidance on syndicated pipeline reporting and whether some the additionally proposed reporting schedules must only be filed by larger reporting institutions. FSR also reiterates its request that the Federal Reserve increase the amount of time between the release of technical instructions and the deadline for when information must be submitted.

FSR supports efforts by the SEC to increase information reporting on how orders by institutional investors are handled. The value of the information provided under the proposal, however, would be improved if certain definitions are modified to ensure that transactions are not double counted and that orders from larger investors are not wrongly categorized as retail transactions.

FSR urges the SEC to take a principles-based approach that requires advisers to plan for possible service disruptions and other (but not all) types of catastrophic events. FSR also notes that advisers should remain in control of the content of their business continuity plan which should remain confidential. The letter notes that the SEC should also take steps to ensure that other regulators do not issue guidance in this area that is in conflict with the SEC’s final standards.

On September 8, three federal banking regulators released a joint report to the Congress and the Financial Stability Oversight Council Pursuant to Section 620 of the Dodd-Frank Act. The report analyzed permissible activities of different banking entities the three agencies currently regulate and the risks inherent in such activities. In a surprising development, the Federal Reserve Board (the “Board”) used the report to suggest that Congress curtail certain lending powers and terminate the ability of certain financial holding companies to evade direct supervision at the federal level. The co-authors of the report, the Federal Deposit Insurance Corporation (“FDIC”), and the Office of the Comptroller of the Currency (“OCC”), made no formal recommendations.